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Reacting to today’s interest rate decision by the Shevaun Haviland, Director General of the British Chambers of Commerce said: “Businesses will be giving a cautious welcome to today’s decision by the Bank of England to hold the base rate at 5.25%. Constant hikes in the cost-of-borrowing have had a hugely detrimental impact on the firms we represent. "

If we are to meet the challenge of making the UK Net Zero by 2050 then we must have pragmatic goals, that business can be confident they will be supported to reach. Companies want to address climate change but cannot plan for future investment if the sands keep shifting.

Campaigners, including the BCC, have worked for years to have the Electronic Trade Documents Act passed, and its introduction is a huge milestone.

Today’s CPI rate of 6.7%, while proving stubborn, shows that inflation is continuing to gradually ease off. Producer price inflation (PPI) fell by 2.3%. This should give the Bank of England pause for thought with the interest rate decision tomorrow.

Ahead of this week’s interest rate decision, new research by the BCC Insights Unit shows nearly half of firms say the cost of borrowing is negatively impacting their business.

Increased speculation about further possible delays or changes to HS2 will start alarm bells ringing and raise fears that key links are in jeopardy.

The BCC has held ​its inaugural​​ ​meeting of its new Business Council alongside Cabinet Minister, the Rt Hon Michael Gove and Shadow Chancellor, the Rt Hon Rachel Reeves. 

Removing the effects of inflation, goods export volumes grew at a decent pace in July, with a 4.4% month on month increase in sales to the EU. But a key concern is the continued slowdown in momentum in UK services exports growth – which accounts for just under half of our overseas trade.  

ONS data showing GDP grew by 0.2% in the three months to July, with a 0.5% decline in July itself, underlines the precarious state of the economy.

Reacting to the latest ONS labour market figures, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “Today’s figures show pay for individuals may be improving, but the current situation offers little comfort to businesses up and down the country. Firms are still struggling to contain wage inflation arising from candidate’s expectations and workforce pay settlements.